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What basis should an artisan use while negotiating price in handicrafts?

Answer and explanation

Correct answer: Cost, labour time, quality and market price

During price negotiation, an artisan should consider the cost of materials, labour time, product quality, and the prevailing market price. This helps ensure a fair price and prevents the artisan from accepting an amount below the cost of production. Relying only on the customer’s quoted price is unsuitable because it may not reflect the cost and skill involved. Exam tip: Remember the key bases of fair pricing—cost, labour, quality, and market conditions.

Related tags

HandicraftsPrice NegotiationCostingMarket PriceArtisan LivelihoodTraditional Occupations In India HandicraftsWorkLivelihood And CareerWork Livelihood And Career

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